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Illustrate your understanding of the term enterprise. - Leaving Cert Business - Question 1 - 2012
Question 1
Illustrate your understanding of the term enterprise.
Worked Solution & Example Answer:Illustrate your understanding of the term enterprise. - Leaving Cert Business - Question 1 - 2012
Step 1
Understanding the term enterprise
Answer
The term 'enterprise' refers to the ability to be innovative and creative, taking personal or financial risks in order to achieve one's goals. This involves recognizing opportunities and organizing the necessary resources to start something new.
An enterprise can be initiated by an individual or a group of individuals who are ready to take on the risks involved in creating a product or providing a service. The ultimate aim of an enterprise is to exploit these opportunities to gain rewards, which are often financial in nature, referred to as profit.
The concept of enterprise spans across various fields including personal, business, government, and social sectors.
Step 2
Examples of enterprise
Answer
- Personal Enterprise: This can be illustrated by enrolling in a night class to gain new skills and knowledge.
- Business Enterprise: An example is a company diversifying its offerings into new markets or products, like Facebook's expansion into multiple platforms or Mark Zuckerberg's development of the Xbox.
- Government Enterprise: This may include the rationalization of different government services for improved efficiency.
- Social Enterprise: An example is organizations like the Special Olympics, which focus on fundraising and providing services for individuals with disabilities.